Parc Esta @ Eunos

Parc Esta is a mega-project right next to Eunos MRT  and is redeveloped from the former Eunosville HUDC estate. Comprising about 1,400 units on a massive land size of 28 Olympic sized swimming pools, Parc Esta will be developed by the renown MCL Land. Residents will not only be able to live in an exclusive low density neighbourhood, they can enjoy a plethora of facilities within their own development!

Parc Esta Location

Parc Esta Eunos Condo Location

Parc Esta is less than 5-mins walk away from Eunos MRT station and a bus interchange which allows residents to easily commute to all parts of Singapore. For those who drive, a 5-min drive will take you to PIE or ECP which easily connects you to all parts of Singapore.

Getting your daily necessities is such a breeze! The NTUC Fairprice supermarket and a wet market are located right behind Eunos MRT station. There are also at least 3 household accessory shops located on the ground floor of the nearby HDB blocks to satisfy your daily needs.

Food Glorious Food!

There are no lack of F&B options near Parc Esta for those with discerning taste. You can easily get your regular hawker fix at the hawker centre or kopitiams near Eunos MRT station, or take a few steps further to join the queue for the famous black pepper crab at Eng Seng Restaurant at the junction of Still Road and Joo Chiat Place. If you have a late night craving, just head further down Joo Chiat Place to the famous Fei Fei Wan Ton Mee which is open 24/7.

The Joo Chiat and East Coast stretch are known for their vibrant F&B scene and these are only a short drive away in the same neighbourhood. For food, you will definitely be spoilt for choices!

Paya Lebar Central

Paya Lebar is just one MRT station away from Parc Esta, and is one of the commercial hubs to be developed outside the city centre as part of URA’s larger decentralisation strategy to provide alternatives for businesses and jobs closer to homes. Currently, the other commercial hubs are Tampines Regional Centre, Jurong Lake District and Woodlands Regional Centre.

The upcoming changes to Paya Lebar shall lift prices like a rising tide for the surrounding properties due to the current development of 500,000 sqm of commercial space. In the near future, Paya Lebar Central (PLC) is envisioned to be the eastern equivalent of the now bustling Buona Vista Business Hub. As reported on the Business Times, PLC has an added advantage over other commercial hubs due to its strategic location to both the city centre, Kallang Riverside, as well as Changi Airport. Over the next few years, there will be retail, hotel and office developments clustered around Tanjong Katong Road and Sims Avenue.

Paya-Lebar-Master-Plan-1

park-place-residences-paya-lebar-quarter-set-to-transform

Kallang Riverside Future Plans

Just a little further beyond Paya Lebar, Kallang is seeing a real estate revival! A revamp of the Kallang River coastline which will eventually transform it into a 64 hectare waterfront lifestyle precinct offering 4,000 new homes 3,000 hotel rooms, and around 400,000 sqm of office, retail and entertainment facilities. These will be spread across two distinct precincts on either side of the Kallang River – a residential enclave and a mixed-use cluster. Read more on URA’s development plans for Kallang.

kallang riverside condo kampong bugis lavender mrt sports hub freehold

Nearby Schools

For families with young children, nearby schools are an important factor when it comes to deciding which property to buy. Parc Esta is closely located to the following primary schools:

Within 1km

  • Eunos Primary School
  • Haig Girl’s School

Within 2km:

  • Chij (Katong) Primary
  • Kong Hwa School
  • Maha Bodhi School
  • St. Stephen’s School
  • Tanjong Katong Primary School
  • Tao Nan School
  • Telok Kurau Primary School

Parc Esta Specifications

Project Name: Parc Esta
Address: 838 Sims Avenue
Developer: MCL Land
District: 14
Tenure: 99 years
No. of blocks TBA
Total no of Units: approx 1,399
Facilities TBA
Site area: approx 376,713 sq ft
Expected TOP: 2023
Architect TBA

Site Plan

To be advised

Unique Features

  • Eunos MRT station at doorstep
  • Excellent connections to major expressways such as the Pan Island Expressway (PIE) and East Coast Parkway (ECP)
  • Convenient access to daily necessities (NTUC and wet market within 5 mins walk)
  • Massive range of F&B options nearby (including a hawker centre and boutique stalls)
  • Location attracts a huge tenant pool
  • Good pricing upside from development of 2 commercial hubs – Paya Lebar Central and Kallang Riverside
  • Developed by reputable developer – MCL Land

Photo Gallery

TBA

Parc Esta Floor Plans

TBA

Unit Mix

TBA

Parc Esta Official Pricing

Parc Esta will be built on the site of the former EunosVille, which was sold en bloc for S$765m in June 2017 to MCL Land. The sale price works out to a land rate of $909 per sq ft per plot ratio, including the premium paid to top up the lease to a fresh 99 years and for redevelopment of the site to a gross plot ratio of 2.8.

According to CBRE, the new units could be sold for an average of about $1,700 to $1,750 psf.

Register now to obtain first hand updates on the pricing based on your choice units!

About the Developer

MCL Land is a leading property group in Singapore.  A member of the Jardine Matheson Group under Hongkong Land Holdings and listed under the Singapore Stock Exchange, MCL Land has a long track record of building quality homes in Singapore and Malaysia over the last 50 years. MCL Land has an extensive portfolio of prime residential properties in Singapore and Malaysia, which are held through more than 15 subsidiaries and associates. Past projects developed by MCL Land include LakeVille, J GatewayHallmark Residences, Ripple Bay, Palms @ Sixth Avenue, D’Pavilion and Hillcrest Villa.

Register Interest Now

Parc Esta is expected to open for viewing in late August 2018. REGISTER NOW for an appointment at our showflat and enjoy VIP pricing direct from the Developer! No agent commission required!

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Excellent Location
  • Location
  • Pricing
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Summary

There won’t be another massive project such as Parc Esta to be launched in the vicinity in the foreseeable future. Residents of Parc Esta will be able to enjoy seamless connectivity via MRT and PIE/ECP. While residents are able to enjoy the peace and quiet from the low density neighbourhood, there are no lack of nearby amenities. Based on the cost of enbloc acquisition of Eunosville, Parc Esta is expected to be priced competitively compared to Paya Lebar Quarters which is only 1 MRT station away at Paya Lebar.

 


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William Chen • Powerhaus
William Chen • Powerhaus
TRIPLE LAUNCH WEEKEND!
VAN HOLLAND VS LEEDON GREEN VS THE AVENIR

We are barely into the new year and developers decided to launch all 3 projects for preview at the same time!

Most people would have expected property prices to moderate by now, but it only gets higher! Sounds familiar? Didn't we all expect prices to drop after North Korea bombarded Yeonpyeong, after the Eurozone debt crisis, after Grexit, after Brexit, after the US-China trade war? But prices have climbed 50% on average since the Yeonpyeong incident back in 2010.

So here we are in 2020 and the prices of these 3 new projects continue to set the benchmark:

1) Van Holland (FH next to Holland Village MRT) - ave $3000psf
2) Leedon Green (FH within 7mins walk to Farrer Road MRT) - ave $2,700psf
3) The Avenir (FH within 3mins walk to Great World MRT) - ave $3,200psf

If I have $2m to spare, which one will you buy? I will buy The Avenir for sure! Not only because it offers better value for money in terms of the price/location consideration, its layout is beautifully done! Come see all 3 projects for yourself with me!
William Chen • Powerhaus
William Chen • Powerhaus
UPCOMING LUXURY CONDOS IN HOLLAND AND RIVER VALLEY

2 new long awaited projects are opening for public preview this weekend. Here's a quick introduction for you:

1. LEEDON GREEN
This is the rebirth of Tulip Garden, which is right beside D'Leedon and mins walk from Farrer MRT station. With 638 units at a GCB enclave, Leedon Green is one of the biggest new launch in the vicinity. It's freehold, yet expected to launch cheaper than One Holland Village! It is definitely a magnet for diehard freehold fans who cannot bring themselves to buy the likes of D'Leedon. The developer is a JV between MCL Land and Yanlord. If One Holland Village can sell 30% of its units on its first weekend of launch, how do you think Leedon Green will fare?

2. AVENIR
This is a little more upmarket at River Valley, where we find another condo reborn from the former Pacific Mansion. Avenir, another freehold condo with 376 units, is 3mins walk from the future Great World MRT station which is just 1 stop away from Orchard. It is also around 10mins walk to the current Somerset MRT. I love Martin Modern's layout. From 3.2m ceiling height and very spacious living rooms, we can easily spot how GuocoLand has incorporated the brilliance of Martin Modern into Avenir. The developer is a JV between GuocoLand and Hong Leong. Oh, and can you believe the kitchens come with air conditioning too?

Official prices for both condos will be released closer to this weekend. If you would like to find out more or have a look at the showflat, let me know. Early bird discounts are available for units booked on launch date.
William Chen • Powerhaus
William Chen • Powerhaus
99Y HDB vs CONDO - DO THEY DEPRECIATE THE SAME WAY?

If HDB prices can depreciate to zero, shouldn't condo be the same? Shouldn't a 99Y lease HDB and a 99Y lease condo both depreciate at 1%pa?

We know that based on real world behaviour, this doesnt happen. But why? To answer that, we gotta have a better understanding of the concept of depreciation. Let's use a Singapore registered car as an example where its useful life is 10 years. Simply, if you bought the car at $100k, its depreciation should be $10k per annum right? Actually, that's incorrect as we have not taken into account its residual value at the end of its useful life. At the end of 10 years when COE expires, if the car still has scrap value of $20k the annual depreciation is only be $8k per annum.

Now back to the topic of real estate. Private leasehold properties tend to get sold en bloc before the end of the 99 years. In the last enbloc cycle, most of those which went enbloc were around their 40th year mark. And the owners were rewarded handsomely above market value. This would fall under the definition of "residual value". Though it's impossible to quantify the residual value at the time of purchasing a property, this gets factored into the depreciation one way or another. With a high residual value, inflation can easily overtake the rate of depreciation and therefore, nominal prices can still rise.

What about HDBs? Question is - can a private developer buy a HDB block and redevelop it? In the past, some HUDCs have privatised and subsequently sold enbloc to developers. A prominent example is Eunosville which eventually became Parc Esta, and the prior owners walked away millions richer. But this is a very rare example because the owners of Eunosville have to agree to pay a huge sum to the government to buy over the carpark space and other common areas before they could privatise. Not many residents are willing or able to fork out this huge sum, but the residents of Eunosville eventually did so and it paid off handsomely!

Judging by the total number of HDB flats in Singapore and the number of them that eventually privatised and went enbloc, the chances of reaping the benefits of former Eunosville owners are virtually zero. At best, HDB owners have a 4-5% chance of VERS or SERS, which just means you get compensated at market price and get priority to book a new BTO in a nearby location.

That explains why when we compare HDB prices vs condo prices over the past 20 years, condo prices (even those with 99 years) rose much faster. Do you think this trend will continue?
William Chen • Powerhaus
William Chen • Powerhaus
Sometimes, real estate analysts have vested interest and may make biased projections about property price outlook.

When a non-real estate player like Fitch makes a forecast, I guess it is more believable 😄
William Chen • Powerhaus
William Chen • Powerhaus
ONE-TIME LEASE TOP UP FOR AGEING HDB FLATS?

There's growing awareness about HDB lease decay and how that will impact property prices. This is especially so after Lawrence Wong mentioned that HDB prices will depreciate to zero eventually.

Recently, there were suggestions to implement a one-time lease top up of ageing HDBs back to 99 years to tackle the lease decay issue. It's a radical idea, and let's take an IMAGINARY journey if this were to be implemented:

--------------------------------

Tommy recently paid $600k for a 10 year old 5-room flat in Hougang. Overnight, HDB announced that the 40-year-old flat next door's lease is topped up back to 99 years! His "newer" flat immediately lost value because his neighbour's flat instantly became more desirable than his. He was also unhappy that his neighbour paid less to buy an older flat and was rewarded for it by automatically qualifying for the one-time lease top up. Tommy rants on social media, and he's not alone. He gathers his friends to meet the MPs and demand that the remaining lease of his flat gets topped up to 139 years to be fair. After all, if his neighbour can enjoy additional 50 years for nothing, why shouldn't he?

As elections approach, HDB is forced to concede to such demands, and decides to automatically add 50 years lease across all HDB flats in Singapore. Consequently, it created an expectation that the remaining leases of all HDB flats will continue in perpetuity. HDB flat owners start adjusting their asking prices as if they are selling freehold properties. Resale HDB flats become increasingly out of reach for 1st time property buyers, and it becomes harder for retirees to cash out by downgrading to a smaller and older HDB flat.

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Do you think the government will allow this to happen? 🤔

https://www.propertyguru.com.sg/property-management-news/2019/12/185088/mnd-to-consider-suggestions-to-tackle-hdb-lease-decay
William Chen • Powerhaus
William Chen • Powerhaus
STIRLING VS AVENUE SOUTH

I have a few clients who compare these 2 projects and are undecided which is a better buy. In terms of pricing, both are rather similar priced around $1900-$2000psf. Both are quite near to town and are located towards the west side of Singapore. Both are high rise projects with about 1000 units, and even the exterior design is quite similar. While Stirling is nearer to an MRT station, Stirling is nearer to town as the crow flies, and rides on the Greater Southern Waterfront Transformation. Stirling's developer is Logan, whereas Avenue South's developer is a more established one - UOL.

The above-mentioned factors are what most buyers will consider. Given the various trade offs, there is no obvious winner unless one feels very strongly about staying near MRT station, or believes strongly in the future transformation at the Greater Southern Waterfront.

But one very important consideration that many buyers miss out on is this ===> TIME! What do I mean?

These will be my typical questions to buyers considering between these 2 properties:
1) Let's say you are buying this unit for investment. When are you intending to cash out?
2) If you're buying this for own stay, do you foresee any life events that require you to move out to another place within the next 6-7 years? e.g. get married, have more children, etc?

Why are these questions important? Let me illustrate this with an example. I have a single buyer in his late 20s who would like to buy a 1 bedroom unit for own stay. So quite likely, he will get married and settle down within the next 5 years or so. If he has kids, he will definitely need to upgrade within the next 10 years. Here is the golden question => if he intends to buy Avenue South for capital appreciation, will he get to enjoy it within the next 10 years before he needs to move elsewhere? If Keppel port will be moving to Tuas only in 2027, can he wait for this area to be redeveloped before realising the profits from his investment? If not for the current publicity around Avenue South, will he consider buying a property in that area?

Buying is easy. Selling may not be. I can help you think ahead to avoid buyer remorse in the years ahead! 😄